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Quidditch bound for the Olympics? (Getty)

If an adapted version of Harry Potter's quidditch heads to the Olympics, just imagine what the $1 billion franchise means for sponsors and advertisers.

Earlier this week, five teams of quidditch "nerds" from Great Britain, the U.S, Canada, France and Australia, gathered for the sport's first major international tournament and to hold an exhibition match as the Olympic torch passed through Oxford.

With millions of Harry Potter fans, sponsors and advertisers stand to seriously cash in on the wizard's billion dollar magic ride.

The sport of ground quidditch, a mix of rugby and dodge ball, was adapted in 2005 by U.S. students at Middlebury College in Vermont from J.K. Rowling's Harry Potter novels. Each team has seven players and uses three different balls. And every player must have a broom between their legs.

Since then, the sport has spread to 25 countries and has some 700 teams, mainly based in the United States and largely at colleges and universities.

Alex Benepe founded International Quidditch Association in 2007 as players on broomsticks started to take Quidditch more seriously. It describes itself as a magical, non-profit body "dedicated to promoting the sport of quidditch and inspiring young people to lead physically active and socially engaged lives." Now, the game has a rule book and a World Cup.

"It is a full contact co-ed sport. It can get pretty brutal at times,” said Allison Gillette of Ludlow, Vermont who has been actively seeking sponsors.

"Most people who play are nerds but we have a lot of jocks or athletes playing this sport as well, some of whom have never even read the Harry Potter books," Benepe told Reuters.

He said players happily admit they are nerds who are often teased and tormented about their sport. But quidditch, they say, is a sport and one they would like to take to the Olympics.

"We thought it would be a great time to piggy-back off the Olympics, being held in the home country of Harry Potter, and show people this is an exciting sport. There are a lot more ridiculous sports in the Olympics than quidditch."

No response from Olympic officials on whether the sport is seriously being considered.